ASA is pressing the administration to move quickly on a soybean trade deal with China after Argentina sold $7 billion of agricultural goods in just three days. U.S. soybeans remain locked out of the Chinese market because of a 20% retaliatory tariff, leaving soybean farmers increasingly concerned as harvest gets underway.
Argentina briefly suspended its soybean export taxes, which are normally more than 25%, giving its products an immediate advantage on the global market. That suspension was lifted after the country hit the self-imposed $7 billion limit within a few days. At nearly the same time, U.S. Treasury Secretary Scott Bessent announced negotiations for a $20 billion swap line to stabilize Argentina’s economy. The parallel announcements frustrated U.S. soybean growers who see competitors gaining ground while they face declining prices at home.
“Farmers are tired of waiting while our competitors take our place in the biggest soybean import market in the world,” said ASA President Caleb Ragland (KY) in a statement from the association. “The farm economy is hurting, prices are falling, and yet headlines are about U.S. support for Argentina while Argentina sells soybeans to China.”
ASA is urging the administration to prioritize soybeans in trade talks with China. With no new U.S. sales on the books for the 2025/26 marketing year, the association warns that further delays will deepen the strain on farm families across the country.
